Social Networking a Hot Topic At Allen & Co. Conference

Wednesday’s focus at the 25th annual Allen & Co. conference in Sun Valley, Idaho, which brings together the biggest players in the media industry, was “new media’s need for old media,” as large media companies look at start-ups for possible acquisition, according to CNBC’s Julia Boorstin. Boorstin: “When it comes to some of those acquisition targets -- this year particularly is the social networking space -- media giants are showing they’re anything but dinosaurs and they still hold the checkbooks.” NBC Universal CEO Jeff Zucker: “Social networking is an important part of today’s society, and it’s something that we’re actively pursuing and already invested in.” Boorstin noted Bobcats Owner and BET Founder Robert Johnson is at the conference, “looking for some $40[M] in film financing, saying there’s plenty of eager private equity money. But he says all that buzz about social networking may not be worth the billions.” Johnson: “It’s a little bit like nightclubs. One’s hot one year and the next day they’re gone” (“On The Money,” CNBC, 7/11).